Today I Was Told by BOA My Home is Going into Foreclosure

Reblogger JoAnn Moore
Mortgage and Lending with The Mortgage Market of Delaware

Please share with others...

I have been following Gail Robinson for a few years here in Active Rain. She lost both of her parents a few years ago and has been dealing with her husband's pancreatic cancer. She has done everything she was do to to obtain a loan modification from Bank of America but they have declined saying she didn't provide all of the documentation. They are saying her home is going into foreclosure. Gail is hoping if enough people pass this story around, the people at Bank of America notice and reconsider so she won't have to tell her husband they are going to lose their home.

Original content by Gail Robinson RES.0772823

After three years of filling out loan modification paperwork and sending it in, I was informed via a phone call today from Bank of America that my loan modification was declined on 2/1/13 as I didn't submit all the documents.  Bank of America continues to state this as a reason for declining my loan modifications, but I give them everything they ask for and then have my HUD counselor review it for completeness.  Anyone who knows me knows how organized and detail-oriented I am.  I have a Ph.D. from Columbia University and that required an incredible attention to detail.  I know I submitted all the documents required as I carefully reviewed every request and my HUD counselor, Michael Haynes, of the Neighborhood Housing Services of New Haven reviewed them.

This seems to me to be a bogus excuse.  I think they just don't want to do a loan modification.  Although why BOA would want one more foreclosure in Bridgeport, Connecticut is beyond me.  They aren't going to sell the home for more money than I would pay for it.  I bought this home at the peak of the market in 2005 and paid $400,000.  It is now worth no more than $250,000.  I'm earning a good income now, my income tanked when my husband became ill with pancreatic cancer three years ago and our expenses have been high due to the cost of medications, travel, and treatment.  We also lost his income when he became ill.  We were both in real estate and the market downturn left us with less money at a time when we needed more.

As you know, my husband has Stage IV Pancreatic Cancer and he is getting hospice care in our home.  I haven't told him yet that our home is going into foreclosure.  BOA says to consider a Deed in Lieu of Foreclosure or a short sale and just leave, but my husband wants to spend his final days in his own home.  Is that too much to ask of a big heartless organization?   Probably.   But don't you wonder where all that Mortgage Settlement money went to?  Weren't the lenders supposed to be doing more loan modifications instead of allowing homes to go into foreclosure?  What the heck are they doing with that money anyways???

It makes no sense at all to me, but my hope is that if you would reblog this post that BOA will notice it on social media, reconsider their decision to foreclose, so that I don't have to tell my husband that our home is going into foreclosure.  He's been going through a tough time over the past few weeks and my fear is this will cause him enough stress to push him over the edge emotionally and physically.

I trust in the power of AR to get the word out and in your love and kindness to support me at this time as I try to be strong for my husband.  Thank you.

 

 

Fairfield County CT Real Estate 

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Rainmaker
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Hella Mitschke Rothwell
(831) 626-4000 - Honolulu, HI
Hawaii & California Real Estate Broker

JoAnn: I am so hoping that everything works out with the loan modifications for Gail and her husband. Additionally, this illustrates what banks have been doing to people who have done all the right things and their situation seems to qualify them towards getting a loan modification and then get turned down flat.

Feb 11, 2013 11:42 AM #1
Rainmaker
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Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

JoAnn,  I need to get an update from Gail to see if she was able to get help after all.  Gail has done all the right things ... now BofA needs to step up and do the right thing as well. Gail needs to get her local news station out there to bring more exposure and contact BofA officials for a public response.

Feb 17, 2013 03:01 AM #2
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Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

It seems that they are starting to work with Gail. I am so pleased to see so many have reposted this blog.

Feb 23, 2013 10:16 PM #3
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JoAnn Moore

Home Loans in Delaware
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